Flashcards – B’s

[qdeck random=”true” align=”center”] [q] Backward Pass

[a] A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date.

[q] Bar Chart

[a] A graphic display of schedule-related information. In the typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the chart, dates are shown across the top, and activity durations are shown as date-placed horizontal bars.

[q] Baseline

[a] The approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison to actual results.

[q] Basis of Estimates

[a] Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level or detail, ranges, and confidence levels.

[q] Benchmarking

[a] Benchmarking is the comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

[q] Benefits Management Plan

[a] The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.

[q] Bid Documents

[a] All documents used to solicit information, quotations, or proposals from prospective sellers.

[q] Bidder Conference

[a] The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Also known as contractor conferences, vendor conferences, or pre-bid conferences.

[q] Bottom-Up Estimating

[a] A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure.

[q] Budget

[a] The approved estimate for the project or any WBS component or any schedule activity.

[q] Budget at Completion (BAC)

[a] The sum of all budgets established for the work to be performed.

[q] Business Case

[a] A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

[q] Business Value

[a] The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both.